But he's stopped short of claiming victory, with the opposition falling one seat short of majority government in the 17-seat legislative assembly.

It will take days of negotiation with the Greens before a new minority government can be formed in the territory.

The Liberals, on the back of their biggest-ever primary vote, are on track to take eight seats to Labor's seven, giving them their highest representation in the 23-year history of self-government.

With more than 70 per cent of the vote counted at 10.50pm (AEST), Labor had 39.1 per cent of the overall vote (up 1.7pc on 2008), to the Liberals 38 per cent (up 6.4pc) and the Greens 11 per cent (down 4.6pc)

A surprise Labor casualty could be Attorney-General Simon Corbell, who might lose his seat to fellow Labor candidate Meegan Fitzharris.

The Greens drop from four seats to two with their leader Meredith Hunter still in a tight race with Summernats car festival founder Chic Henry, running for the Australian Motorists Party.

If she loses, the Greens would have only one seat in the assembly.

Mr Seselja said the election result was a rejection of both Labor and the Greens.

"Most importantly it is a rejection of their alliance," he told the party faithful.

"It would be a rejection of the verdict of the people if the Labor Party and the Greens were to now forge a closer alliance.

"We are ready to deliver the kind of government the ACT deserves."

Labor leader Katy Gallagher said it was not the night for victory speeches from any party.

"We're not arrogant, we're not coming out saying we have won this election," she told supporters.